13 Tips That Can Help You Get A Business Loan
If you’ve outfitted your business about as far as you can on funds scraped together from checking-account float, birthday money, and your MasterCard, it might be time for a loan.
Maybe you’ve already asked your banker how to get a loan, and he or she has suggested that the whole process would be much easier if you put up your house as collateral, call it a home-equity loan, and forget about getting past the killer business-loan committee.
It’s true that business loans, especially for small, home-based businesses, are not easy to come by in this credit-crunch environment. But they’re worth the trouble: The sooner you start building a business credit history, the easier your borrowing will be down the road if and when you need big bucks for a major expansion. For that reason, even a small, more obtainable loan is worth pursuing.
When you start the loan-application process, your banker will probably give you the standard, but valuable, information about how to prepare a business plan. Follow those directions, but realize that it’s the inside tips your banker won’t mention that can win you the edge.
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